Elliott Wave Count on Bitcoin

Mar 20, 2020

BTCUSD

On December of 2018, Bitcoin started a new Multi-Year Bull Market, that, after nearly a year of Bear Market throughout almost all 2018. It climbed form a minimum of about $3,100 USD to a maximum of about $13,900 USD, almost $10,800 USD. And it did so in a 5-wave impulse move as seen in the chart. A move which I would label Intermediate Wave 1 of this new Bull Market.

After that, in June 2019, it started a down move that lasted about 8 months and a halve, in which it decline about 93% of the entire previous up-move from $3,100 to about $13,900, a decline of about $10,100 USD, to a low of about $3,800 USD. It was a deep decline, but it did stay above the previous low of $3,100 USD, and it decline in a three-wave pattern, ABC, as seen in the chart. I would label this move Intermediate Wave 2.

And now it seems like Intermediate Wave 3 has started. A move that should take Bitcoin above the previous highs of $13,900 USD, and probably a lot higher than that.

Recently we broke above the previous Wave A low of about $6,400 USD, which, in a way, confirms that a new significant up-move is underway. That was critical support in the past, which after breaking it, it became critical resistance. Breaking above that level is the first significant sign that a mayor low is in. Also, the huge volume in which we decline and bounce back.

Previous trendlines are also acting as short-term support and resistance, the blue lines, as seen in the chart, as expected.

Bitcoin halving is about 53 days form today, which could be a significant catalyst for Bitcoin in the coming days and weeks. bitcoinblockhalf.com/

There is also a huge open GAP in the Bitcoin CME chart, from about $8,270 USD to about $9,200 USD, a GAP that should eventually get filled. With a move above $9,200 USD.



The Crypto Fear & Greed Index is at 9, Extreme Fear, which is a contrarian indicator, sing of a bottom. alternative.me/crypto/fear-and-greed-index/

I know there are a lot of people calling for Bitcoin to drop to $3,500 USD because of a micro GAP in the CME futures that you can hardly see. Or a drop to $2,000 USD or $1,000 USD, or for the end of Bitcoin overall. All signs of extreme fear.

I’m staying bullish in here. Not a recommendation.

I hope you find this interesting.

Good Luck in your decisions